Galeton Banking Company (Galeton, PA)

Episode Information

Episode UID
60076371599
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
6007637 routing
Routing Number
60-0763
Start Date
March 6, 1933
Location
Galeton, Pennsylvania (41.733, -77.642)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e154ac42ed12c39c

Response Measures

None

Description

Receiver appointed and paper states bank will not reopen for business.

Events (3)

1. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Closed by order of President Roosevelt as part of the national banking holiday; no further order permitting reopening was received.
Newspaper Excerpt
the bank had been closed by order President Roosevelt, with other banking
Source
newspapers
2. March 27, 1933 Receivership
Newspaper Excerpt
S. Lynn Lush, of Galeton, was on Monday appointed receiver of the Galeton Banking Company...the assets are somewhat unliquid...the receiver...will proceed immediately with his duties.
Source
newspapers
3. March 30, 1933 Other
Newspaper Excerpt
Galeton Banking Company, Private Institution, Will Not Reopen For Business.
Source
newspapers

Newspaper Articles (3)

Article from The Morning Call, March 28, 1933

Click image to open full size in new tab

Article Text

Man Trapped by Slide In Abandoned Mine Climbed Almost Safety When Plunged Feet to Bottom MOUNT CARMEL, March 27. tonight their efforts John mine in which he was trapped by slide but hope was practically abandoned that he would be found Cheslock caught in the working Saturday removing with an escaped and Cheshad climbed almost to safety he was caught second He plunged the bottom of the forty foot working. Bank Receiver Named PA., March application of partners the Galeton Banking company, Judge Howard Marsh today appointed Lush, receiver for the The bank has not ceived orders for reopening since the banking holiday. Deposits are estimated at


Article from The Wellsboro Agitator, March 29, 1933

Click image to open full size in new tab

Article Text

RECEIVER Appointed Monday to Take Charge of Galeton Banking Company. Lynn Lush, of Galeton, Monday appointed Galeton Banking Company, Galeton, Judge Howard Marsh. The appointment brought about the the part the partinterested the showed the court that bank had been closed by order President Roosevelt, with other banking of the that further order its reopening had been further appears that the some extent unliquid. Some them obligations late William Connor, Wellsboro, which be paid this time by reason the fact that the assets the estate consist largely of large tract timber land the south, which by reason of nomic conditions cannot this time be converted into cash. appeared the court that prevent the assets and make possible winding the stated that the the institution are about Lush prominent busiman of Galeton. underthat he qualifying immediately and the necessary bond by the court that he will proceed with duties. The Late Donald K. Champaign. Donald K. Champaign, promincitizen business Norwich, died March after illness of about weeks. was born Marshlands, Tioga county, Decem1889, son Samuel and Emma Marsh Champaign. He educated Ithaca Hign School Cornell University, graduating from Cornell 1913. played tackle on the varsity for three years and selected by Walter Camp as American tackle. During the world war he First Lieutenant the Ordnance Department engaged in the development of tanks, first signer and Bridgeport, Conn. Following the he employed design and efficiency engineer mira. 1921 he removed Norwich, organized Champaign and took over Buick agency which he had- conducted until about middle January, when he retired on count his health. He married at Ithaca Florence Ingraham, who together with Donald aged 15, and David eight mother, Emma Champaign, and Leigh M. Champaign, formerly resident Nor wich, and associated with ChainBros. Inc., also survive. Champaign member First church and active Boy and the of Norwich Lodge, and Norwich Post Legion and until Norwich Rotary. Don Champaign was noblemen. What best the community had earnest support. Modestly but effectively lived the life good citizen. Having well founded opinions, tolerant the opinions others, looking for and finding fellow that which good. Among the youth community whose interests devoted. influence inspiring. As as husband, father, neighbor, citizen, lived life which up those which, sured, the good and faithful Chenango Union.


Article from The Potter Enterprise, March 30, 1933

Click image to open full size in new tab

Article Text

LUSH IS MADE BANK'S RECEIVER Galeton Banking Company, Private Institution, Will Not Reopen For Business. The Wellsboro Agitator of yesterday contained the following of local interest: S. Lynn Lush, of Galeton, was on Monday appointed receiver of the Galeton Banking of Galeton, by Judge Howard Marsh. The appointment was brought about by application to the court on the part of the partners interested in institution, showed to the court that the bank had been closed by order of President Roosevelt, with other banking institutions of the country, and that no further order permitting its reopening had been received. It further appears that the assets are some extent unliquid. Some of them are in the form of obligations of the late William O'Connor, of Wellsboro, which cannot be paid at this time by reason the fact that the assets the O'Connor estate consist largely of large tract in the south which by of economic cannot at this time be converted into cash. It appeared to the court that receiver in order to prevent dissipation the assets and to make possible winding up of the business. stated that the deposits of the institution are about $290,000. Mr. Lush prominent business man of Galeton. is understood that he is qualifying immediately and posting the necessary bond required by the court and that will proceed immediately with his duties.